Applying to DreamIt as a Company
So you have a startup company or at least a great idea? Is DreamIt right for you?
Here are the most important things we look for in applicants:
- A potentially BIG idea
- Ability to build a prototype, beta or market-ready product or service within 3 months
- A team whose talents complement each other
- A team where everyone is enthusiastic, bright, and excessively motivated
If you and your idea have these characteristics, we would like you to apply. We are not looking for a detailed business plan — just a clear understanding of what you propose to do and who you are.
If this gets you excited, apply now!
Applications must be received by the deadline. We review applications on a rolling basis, so there is an advantage to applying early. We screen the applications and contact you via email or telephone if we have additional questions about your application. The most promising applications are sent for outside review by members of the startup community with particular expertise germane to your application.
In 2012, we expect approximately 15 companies in both Philadelphia and New York. Our invitation will include a stipend of $5,000 per company plus $5,000 per founding team member (up to four, for a maximum of $25,000) and in return, we will take a 6% equity stake in your company.
If you accept our invitation to DreamIt, you will be responsible for building a prototype or market-ready product and having your company ready for funding and/or launch by the end of the three months. All founding team members will be required to live in the city of your DreamIt program for the program’s three-month tenure.
By the end of DreamIt you will have a real product and a real company, and if you need it and are good enough, funding. At that point you are free to relocate your company wherever you choose, although given the resources now at your disposal you might wish to stay in the area of your DreamIt program. Assuming that you have established a good working relationship with one of our Mentors you might wish to ask them to continue to work with you and guide you on an ongoing basis either as an adviser or board member. We also will remain available to help you and your company.